Understand the National Flood Insurance Program
Major storms, hurricanes, and powerful rainstorms are a common occurrence here in Florida. But did you know that most property insurance plans do not cover flooding? The federal government runs the National Flood Insurance Program (NFIP), which issues all flood insurance policies. Even if you already have a comprehensive insurance plan, you will likely have to purchase a separate flood insurance policy as well.
Some Benefits of Flood Insurance
Though the government determines flood insurance coverage and premiums, you can still purchase your flood policy through Forsythe Insurance Services. There are many benefits to a flood insurance policy purchased through our agency, including:
- 24/7 nationwide claims support and assistance
- Assistance in finding discounts to maximize your savings
- Dedicated agents to help you understand your policy
Some Faces About Flood Claims and Coverage
- Almost 25 percent of flood insurance claims come from areas not considered high risk
- Flood insurance can help protect you even if there is no declaration of a federal disaster.
- If flood insurance is required for your mortgage loan, you may not have to wait 30 days. Usually, the loan closing date will count as the effective date.
- Less than 50 percent of all flooding incidents are declared as a federal disaster and most disaster assistance is provided in the form of a loan that must be repaid with interest.
- The average flood loss costs $38,000.
- There is a waiting period before your flood insurance policy goes into effect. This is typically 30 days from the application and premium payment date.
Water Damage Protection
Most flood insurance and basic property insurance policies do not cover water backup damage, such as sump pump overflow or sewer backups. Contact us at 239-393-4100 to learn how to add water backup coverage to your policy.